Investing in People Power is the Top Weapon in Fighting Recession

Business does almost everything in order to follow the trends developed nowadays, even one step back costs much more than one can imagine. One step back might cost a lot of money, reputation, position in the competitive market and so on. But now even though technology took power over everything and there is no field it does not make even slight changes not to say anything about huge ones, business leaders believe that mostly supporting the development of skills and abilities of their workforce is the best way to reduce an organisation’s exposure to the risk of recession. That is the idea of an international survey of senior business executives launched today by global business performance consultancy, McKinney Rogers.The survey aimed to to gauge awareness, perceptions and trends on the issue and what can be done to minimise the risk of a recession’s impact on global business. It encompassed Europe, Africa, Asia Pacific and the US.

According to the key findings business leaders evaluated the importance of tactical actions in reducing an organisation’s exposure to the risk of recession as follows:

78% of respondents cited the development of their workforce as the key tool for this,73% agree that moving into emerging markets that are unlikely to be affected by recession is also important.67%consider that diversifying the business offering was classed as significant.

While commenting on the research, Richard Watts, Regional Partner for Europe at McKinney Rogers at McKinney Rogers admited that “It is interesting to see what business leaders focus on when recession is looming – their workforce and diversification. It is obvious that at times of economic slowdown getting organisational buy-in as a whole is vital, which is why taking a strong leadership approach is such a key part of thriving during these times. Leaders need to instil the ability to re-energise, re-think and re-focus the business, using realistic targets. A company’s workforce is an essential tool in the business armoury when the going gets tough. Making productivity a focal point and rewarding those who rise to the top accordingly, will help reduce an organisation’s exposure to the risk of recession.”

According to the SOURCEWIRE, Watts continues: “These results clearly highlight a real understanding across the business community of the value of forward planning in limiting the damage of a potential recession, as well as the tactical actions that need to be taken to achieve this. However, it is worrying that such a low number of business leaders and organisations have these advanced plans in place. “Any time, whether a recession is imminent or not, it is vital that businesses have their house in order by having a clear focus and strategy in place, as well as ensuring resources are suitably allocated to provide the best return on investment. That way, when a recession does strike they will be able to stay lean and emerge stronger.”